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We now have the first post-neoliberal administration in power in Washington. The Biden administration has explicitly disavowed all aspects of neoliberalism, including the assumptions about free trade and the alleged efficiency of outsourcing, the lack of support for trade unions, and the bipartisan contempt for industrial policy Biden managed to get through Congress the most expansive technology and industrial policies since World War II.2
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Colossal economic damage will be paid back 'over many decades', Sunak said Chancellor told Commons the Government has borrowed £355billion this year Borrowing is set to remain high over the next five years, with taxes to rise National debt is forecast to hit an eye-watering £2.8trillion in 2023-24 Sunak said rate of borrowing is comparable only to levels during world wars
So how will Rishi's budget affect YOU? One in SIX people will be paying higher rate tax by 2026 - twice as many as under Thatcher - while anger grows that low and middle earners will be hit harder than the rich Chancellor Rishi Sunak announced at the Budget that income tax thresholds will be frozen in the years ahead It will drag hundreds of thousands of workers into paying more basic rate as well as higher rate income tax Institute for Fiscal Studies said that by 2026 one in six people will be on higher rate - was just one in 15 in 1990
Chancellor Rishi Sunak has been defending his crucial post-coronavirus Budget package unveiled yesterday IFS says that Mr Sunak's spending plans are 'implausible' he will probably need to raise taxes to balance books The massive furlough scheme will be extended again to the end of September along with other bailouts Income tax thresholds are being frozen until 2026 and corporation tax will rise to 25 per cent from 2023 The government's total spending on response set to reach an 'unimaginable' £407billion by end of next year Mr Sunak said the income tax move was 'progressive' and the 'right thing to do' and rates are still 'generous'